CoverGo, a Cyberport InsurTech start-up that offers a no-code SaaS insurance platform to help insurance companies transform digitally, has raised US$15 million in a Series A round.
The company will use the funds to accelerate its international expansion, particularly in the Middle East. In addition, plans have been made to develop CoverGo’s partner network with consulting companies and grow its sales and engineering teams in the US and Asia-Pacific regions to meet the growing demand for the platform.
The funding round was led by California-based SemperVirens VC, with the participation of US VC firms SixThirty, Tribeca Early Stage Partners, and Fresco Capital. Also joining were both existing investors and new strategic investors, such as pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance, and Middle Eastern and African insurance fund Noria Capital.
Since January 2021, CoverGo’s annual recurring revenue has increased more than tenfold. The platform is highly sought after by P&C (property and casualty), health, and life insurance companies, as well as emerging InsurTech companies, for the rapid building and launching of all types of insurance products. The platform also enables companies to develop omni-channel distribution, streamline policy administrations, and automate claims processes.
CoverGo is already collaborating with major insurance companies and delivery partners in Asia, the US, Canada, Latin America, MENA, and other markets around the globe. A regional director was recently appointed to drive Middle Eastern expansion. It has established a presence in the Dubai International Financial Centre (DIFC), and became a member of the DIFC FinTech Hive, the largest FinTech accelerator in the Middle East, African, and South Asian regions.
